Iraq’s foreign reserves are a treasure in a ruined house..

The size of the official foreign reserve reached the level of 91 trillion Iraqi dinars, a level it has not reached since May 2014, when it reached more than 94 trillion Iraqi dinars.

With the amount of dollar supplied in the local market, Iraq’s retention of high reserves can be compared to a person who hoards gold while he lives in a ruined house and does not have the basic services of life.

Except for the oil sector) with a high rate of GDP, in addition to the high levels of poverty and unemployment, which is evidence of the misuse of state resources and poor planning for the development and diversification of the Iraqi economy.

It was more useful, instead of raising foreign reserves, to work on launching various initiatives that contribute to strengthening the Iraqi economy, working on building infrastructure projects for the country by financing these project, and also working on adopting initiatives that reduce inflation and poverty levels by supporting various basic products that contribute to increasing Inflation rates and reducing the level
of poverty.

The Central Bank should expedite the launch of financing initiatives for real industrial, agricultural and tourism projects and work to launch financing initiatives to support education and increase human capital in addition to launching initiatives to support the poor and destitute classes, and that its goal is to work on building a sustainable economy and work to reduce the level of poverty illiteracy and reduce the level of inflation, and after improving these levels and making them normal, it is then possible to work on increasing foreign reserves and to be proud of their rise.

The rise in reserves is similar to the story of a man who wished that everything he owned would turn into gold, and his wish was fulfilled, which made even food turn into gold, which made him starve to death.

Yesiraq.com

Dijlah.tv

The exchange rate and change…

Aqeel Al-Ansari: Commercial markets are always looking for stability and do not like change, especially in the basics such as the exchange rate in a country that depends on imports for most of its goods.

Therefore, changing the exchange rate to any direction is a mistake that will lose the confidence of the citizen, the merchant, and the one who deals with the markets and in the local markets, and increases the chances of manipulating the prices of goods through monopoly operations.

As for the state of anticipation in the markets now, it is because of the large number of rumors, and the government, represented by the Ministry of Finance and the Central Bank, must take a firm stance towards those who spread these rumors, and they are only a group that benefits, either to collect electoral votes and tickle the feelings of the citizen, or speculators benefit from the price difference when they fall And go up to make a profit.

As for the increase in prices in the local market, it is due to the high prices globally and the costs of shipping and insurance, and what to change the exchange rate in Iraq to a small effect if we take the other factors.

There is now a surplus that the government has earned due to the change in the exchange rate and the rise in oil prices. This money should be directed to vulnerable groups and provide direct support to them through the establishment of sovereign investment funds that supervise and support the private sector and private start-up projects, as well as through programs to support the social welfare network for most groups need.

Yesiraq.com

We Will Not Accept A Government That Does Not Return The Dinar Exchange Rate To Its Previous Rate

Earth News / The representative of the Al- Fateh Alliance , Ahmed Al-Moussawi, confirmed today , Monday, that he will not accept a government that will not restore the dinar exchange rate to its previous rate.

Al-Moussawi wrote , in a tweet , with tension followed by the Earth News Agency , saying , ” Good morning to our venerable government, the price of oil is 97 dollars. When will the conscience of politicians move to reduce the dollar ‘s exchange and return it to its previous era … the high prices are slaughtering people . ”

Al-Moussawi continued , “The people demand you to know the proceeds of the increase in oil prices ,” noting , ” We accept a government that comes before it restores the exchange to its predecessor and that it takes into account the people and their livelihood.”

Earthiq.news

After paying all compensation to Kuwait… Has the Iraqi economy been liberated?

The Kuwaiti ambassador to Baghdad, Salem Al-Zamanan, confirmed that the United Nations Compensation Committee will issue a decision to permanently close the file of financial compensation between the two countries, after Iraq paid the last payment to Kuwait a few days ago.

Al-Zamanan indicated to the Iraqi News Agency (INA), on Saturday, that Iraq has fulfilled all the obligations imposed on it under Chapter VII of the United Nations Charter and relevant Security Council resolutions in 1991.

What are the implications for Iraq’s economic situation?

On this subject, the guest of the “Where is the Truth” program on Radio “Sputnik”, the economist Dr. Nabil Al-Marsoumi, says:

After it has paid all its compensation to Kuwait, Iraq must submit a request to the Security Council, in order to transfer it from Chapter VII of the Charter of the United Nations to the provisions of Chapter VI of the Charter, a subject that will liberate the Iraqi banking system and integrate it with the global banking system, and will also liberate the accounts Iraqi finances are with the US Federal Bank, because any financial returns in hard currency do not go directly to Iraq, but through the United States, so that compensation for Kuwait can be completed.”

Al-Marsoumi added: “Also, Iraq should submit a request to the UN Security Council to protect its money and deposits in the global banking system from the claims of private companies and some countries for compensation or other debts, as obtaining such a decision can free two billion dollars annually, used in development and investment, Which constitutes a strong boost to the Iraqi national economy , as the money was delayed until it reached the Iraqi Ministry of Finance, so the next government will be more fortunate than the current government.”

Thenationalnews.com

Iraq fulfilled its obligations.. The UN committee supervising compensation for Kuwait ends its mandate

Shafaq News/ The United Nations Compensation Authority announced on Thursday that Iraq has completed paying $52.4 billion to compensate individuals, companies and governments for the damages of the 1990 invasion and occupation of Kuwait.

overall; About 2.7 million claims have been filed, with a confirmed value of $352.5 billion, but the UN Compensation Commission has agreed to pay $52.4 billion covering 1.5 million successful claims.

The largest claim approved by the UN Compensation Commission was $14.7 billion in damages to the Kuwait Petroleum Corporation (KPC) in which departing Iraqi forces set oil wells ablaze.

Payments were suspended between October 2014 and April 2018 due to the Iraqi government’s security and budgetary problems in its fight against Islamic State militants.

“With the final payment of compensation made on January 13, 2022, all compensation awarded by the commission has now been paid in full,” the Geneva-based body said in a statement following a closed-door meeting of its board of directors.

She added that “the government of Iraq has fulfilled its international obligations to compensate all the claimants who were awarded compensation by the committee for the losses and damages they incurred as a direct result of Iraq’s illegal invasion of Kuwait.”

Shafaq.com

Setting a date for the dissolution of the Iraqi-Kuwaiti Compensation Committee

Mawazine News – The United Nations committee charged with overseeing the process of Iraq’s payment of compensation to Kuwait has completed its mandate after 30 years of its formation and paid $52.4 billion, while the Security Council in New York is scheduled to approve on February 22 the dissolution of the committee.

The committee was established in May 1991 under Resolution No. 692 of the UN Security Council, and was responsible for managing financial compensation for Iraq, which is deducted at a rate of 5% imposed on sales of oil and petroleum products from Iraq.

During its mandate, the committee decided about 2.7 million compensation requests, of which $52.4 billion was paid out of about $352 billion claimed, the last of which was on January 13, at a value of about $630 million, according to the committee’s report.

The final report confirmed that “this amount represents” the end of the commission’s mandate after more than 30 years, and while this period of time appears to be long, it is important to note that the settlement of 2.7 million applications, with a total amount estimated at $352 billion during this period, is unconstitutional. Prefixed “for this type of action”.

Mawazin.net

Iraq pays last chunk of $52.4 billion Gulf War reparations

GENEVA, Feb 9 (Reuters) – Iraq has completed payment of $52.4 billion to compensate individuals, companies and governments who proved damages due to its 1990 invasion and occupation of Kuwait, the United Nations reparations body said on Wednesday.

The U.N. Compensation Commission, set up by the U.N. Security Council after the seven-month occupation of the emirate and U.S.-led defeat of Saddam Hussein’s troops in the Gulf War, received a portion of proceeds from Iraqi oil sales. The rate varied over the 30 years and was most recently 3%.

In all, about 2.7 million claims, with an asserted value of $352.5 billion were lodged, but the UNCC approved payment of $52.4 billion covering 1.5 million successful claims.

The largest claim approved by the UNCC was for $14.7 billion in damages incurred by the Kuwait Petroleum Corporation (KPC) after departing Iraqi troops set fire to oil wells.

Payments were suspended between October 2014 and April 2018 because of the Iraqi government’s security and budgetary problems in its fight against Islamic State insurgents.

“With the final payment of compensation made on 13 January 2022, all compensation awarded by the Commission has now been paid in full,” the Geneva-based body said in a statement following a closed-door meeting of its Governing Council.

“The Government of Iraq has fulfilled its international obligations to compensate all claimants awarded compensation by the Commission for losses and damages suffered as a direct result of Iraq’s unlawful invasion of Kuwait,” it said.

Bathsheba Crocker, U.S. ambassador to the U.N. in Geneva, tweeted on Tuesday after talks with Qahtan Al-Janabi, Iraqi under-secretary for multilateral and legal affairs, and other diplomats ahead of Wednesday’s meeting: “We commend Iraq for completing payments for all UNCC claims, a historic achievement.”

Reuters.com

Legal advisor: The House must set a new date for the session to elect the President

Baghdad / The Obelisk: The Legal Adviser to the Legislation Department in the House of Representatives, Ghazi Faisal, published, on Wednesday, February 9, 2022, a clarification regarding reopening the candidacy for the post of President of the Republic.

And Faisal said in his blog, which was followed by the obelisk, that “House of Representatives Resolution No. 4 of 2022 regarding re-nomination for the post of President of the Republic, in which it decided to re-nominate the nomination process for the position of President of the Republic once again, relying on the provisions of the Nomination Law for the Position of President of the Republic No. 8 of 2012, and regarding it. We make the following notes:

First: Article “3/first” of the aforementioned presidential nomination law stipulates that “those who wish to be nominated and who meet the legal conditions stipulated in Article 1 of the law shall submit their written requests accompanied by official documents proving the fulfillment of those conditions with their progress.” It is clear from the aforementioned text as the overnight sun that the set date is inevitable, as it is not extendable and may not be repeated again.

Second: There is no connection but rather a schizophrenia between the nomination process and the holding of the parliament session to elect the president of the republic, even if the first paved the way for the second. If the aforementioned session could not be held due to the lack of a quorum, which is expected, and because the period specified by the constitution is organizational and not inevitable, this does not affect the nomination process. It does not deprive the candidates who meet the legal requirements really.

Third: Since the decision of the Council of Representatives mentioned above is a legislative decision, it is acceptable to challenge it before the Federal Supreme Court based on the provisions of Article (93/Third) of the Constitution and Article (4/Third) of the amended Court Law for the year 2005 and its internal system, and a request to cancel it because it is bound by provisions the law”.

The legal advisor stressed that “what is required of the House of Representatives is to set a new date for the presidential election session so that the electoral process will take place among the candidates who have met the legal requirements so that the political process in the country is not disrupted and the rest of the constitutional institutions are formed as soon as possible, so the new parliamentary session will start.”

Almasalah.com

Salih addressed the Supreme Court to hinder al-Halboosi from taking over presidency

Shafaq News/ The outgoing president of Iraq, Barham Salih, posted a correspondence to the Supreme Federal Court on the power void created by the parliament’s failure to elect a president of the republic on Monday’s session.

A source told Shafaq News Agency that Salih’s move came to counter Parliament Speaker Mohammad al-Halboosi’s maneuver to take over the president’s duties under the pretext of “power vacuum by the end of Salih’s term.”

“Salih posted this correspondence to preclude al-Halboosi’s attempt to temporarily take over the duties of the president in addition to his duties as parliament speaker,” the source said.

Faceiraq.org